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Saba capital buys $337,779 in Pioneer Municipal High Income Fund stock

Published 23/12/2024, 16:10
Saba capital buys $337,779 in Pioneer Municipal High Income Fund stock
MHI
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Saba Capital Management, L.P., a significant shareholder in Pioneer Municipal High Income Fund, Inc. (NYSE:MHI), has increased its stake in the company with recent stock purchases. The fund, which boasts a market capitalization of $213.37 million and a stable dividend history spanning 22 consecutive years, currently offers a 4.49% dividend yield. According to a filing with the Securities and Exchange Commission, Saba Capital acquired a total of 36,034 shares over two days.

On December 19, the firm purchased 28,734 shares at $9.38 per share, and on December 20, it acquired an additional 7,300 shares at $9.35 per share. These transactions amount to a total investment of $337,779. Following these acquisitions, Saba Capital’s total holdings in Pioneer Municipal High Income Fund now stand at 3,968,477 shares. The fund demonstrates relatively low volatility with a beta of 0.67 and strong liquidity metrics, as revealed by InvestingPro analysis.

The transactions were executed by Saba Capital Management, L.P., with Boaz Weinstein, a ten percent owner, also listed in the filing. The fund maintains a healthy current ratio of 2.07, indicating strong short-term financial stability.

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